The strong seller's market in the Orlando area has continued into 2018. In May 2018, the "median price" of all homes sold increased to $234,000; a 7% increase from May 2017. The total number of sales was 3,407; an 11% decrease during this same time period, and total inventory was at 7,486; a 15% drop during this same time period.
Their is currently a 2.4 month supply of homes on the market, which is regarded as a very strong "seller's market". Homes must still be priced right, and in good condition.
Orlando area home prices have been increasing since late 2010, following the devastating drop in home prices following the banking crisis and resulting recession that followed.
Currently, when a very nice home comes onto the market, priced right and in terrific condition and "show shape", it is common for it to sell with multiple offers and an inflated sales price. This doesn't happen in all cases, but there is enough area demand over most price ranges for this to occur. Our year-over-year appreciation rate has been fluctuating between 6% - 12% for some time now, averaging 10% - 11% each year.
For home sellers who also wish to purchase, selling their home is the easy part. Finding their next home is the challenge, and in many cases, building a new home is the best option. However most of those buyers need to sell their homes first, then find a rental for several months to a year, before closing on their new home purchase. Making two moves is usually not as desirable, but in some cases "pre-built" inventory homes may be immediately available.
For help in selling your current home, then buying your next home, call Frank & Gloria Plesko today, at 407-421-6412 (Frank's cell). We have helped countless families sell their current homes, then transition to their next home, whether resale or new construction.